Eastern European Markets
March, the 14th, 2008

Fortum’s share in Russian TGC-10 approximately 76%

The Russian territorial generating company TGC-10 has today confirmed subscriptions in the company’s share issue. The share issue was almost fully subscribed by Fortum at RUB 111.8 per share. Fortum announced that it will participate in the share issue on 29 February 2008, when it won the share auction over a 29% stake in TGC-10.

The total value of Fortum’s subscription, and that of the entire share issue, was approximately RUB 46.6 billion or approximately EUR 1.3 billion. With this subscription, Fortum’s ownership in TGC-10 will increase to slightly over 76% shares and voting rights. The capital increase will remain in TGC-10 and will be used to finance its committed capacity investment programme planned at EUR 2.2 billion.

Founded in 2006 as part of the Russian power sector reform, TGC-10 is a territorial generating company operating in Urals region. The company’s total installed capacity is 3,000 MW electricity and 15,800 MW heat. TGC-10’s committed investment programme is planned to further increase its electricity production capacity with 2,300 MW by 2013.

For more information
Fortum Corporation
Maria Romantschuk
SVP, Corporate Communications
Further information:
Tapio Kuula, Senior Vice President, Fortum Corporation, +358 (0)10 45 24112
OMX Nordic Exchange Helsinki
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